Could a data breach cost you your customers?

Could a data breach cost you your customers?2018-11-152018-11-15https://blog.scstechsolutions.co.uk/wp-content/uploads/2015/02/SCS_LOGO20_BLOG.pngSCS BLOGhttps://blog.scstechsolutions.co.uk/wp-content/uploads/2015/02/SCS_LOGO20_BLOG.png200px200px

According to Ping Identity, customers are making drastic changes to how they interact with brands online, particularly when it comes to safeguarding their personal data and privacy.

Based on a poll of 3000 people, the report showed that many customers would stop engaging with a brand or signing up to their services after a data breach. Companies should be more concerned than ever before that customers are quick to abandon companies that don’t look after their best interests.

Sarah Squire, CTO Office at Ping Identity says: “The findings from our 2018 survey reveal the extent to which consumers value security and rely on the brands they interact with to provide a layer of protection when it comes to their identity and personal information.”

Interestingly, the age of the customer does seem to play a factor in how much a customer will trust a brand to protect their data. Those under 35 seem to have more confidence in brands to safeguard their data, whereas those over 55 guard their own data more carefully, particularly when it comes to financial information.

Location also adds an interesting dimension. Americans are more laid back when it comes to data worries, whereas the British are least likely to experience a data breach.

Data protection is now an expected part of a company’s service. Customers should feel safe in the knowledge that their data or personal information won’t get shared. Companies that don’t protect customer data can, quite rightly, expect to lose custom, but never have so many companies lost customers for life about one specific aspect.

Data breaches should be avoided at all costs, otherwise, it could cost your company a lot more than you may realise.

If you have any worries about data security, contact a member of our SCS team and we’ll be happy to advise you – 01522 883636